Live Oak Bank Review 2025: Exceptional High-Yield Savings and Business Banking

This high-yield savings account significantly outperforms the national average (currently around 0.40% APY)⁴, making it one of the most competitive options available today. The account's combination of high rates, zero monthly maintenance fees, and no minimum balance requirements to open makes it accessible to all savers regardless of deposit size.

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Certificate of Deposit (CD) Options

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Live Oak Bank offers competitive CDs with terms ranging from 3 months to 5 years:

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12-Month CD (3.90% APY)

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• $2,500 minimum opening deposit

• No monthly maintenance fees

• Monthly interest disbursements

• Early withdrawal penalties apply

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Other CD Terms:

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• 3-Month CD: 3.00% APY

• 6-Month CD: 3.70% APY

• 9-Month CD: 3.80% APY

• 18-Month to 5-Year CDs: Competitive rates with longer terms

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All CDs can be opened online with deposits between $2,500 and $250,000. Interest is paid monthly rather than at maturity, providing regular income if desired. Early withdrawal penalties are 90 days of simple interest for terms less than 24 months and 180 days of simple interest for longer terms.

Business Banking Solutions

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Live Oak Bank truly excels in its business banking offerings, positioning itself as "America's small business bank":

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Business Savings Account (3.00% APY)

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• Industry-leading 3.00% APY

• No minimum balance requirements to open

• No monthly maintenance fees

• QuickBooks integration

• FDIC insurance up to $250,000 (standard)²

• Available Insured Cash Sweep³ program with up to $10 million in FDIC coverage

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InfraFi Business Savings Account (2.85% APY)

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• 2.85% APY

• Access to extended FDIC coverage through InfraFi network³

• No minimum balance requirements to open

• No monthly maintenance fees

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Business Checking Options

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Live Oak offers three tiers of business checking accounts:

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Business Essential Checking

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• $10 monthly fee (waived with $1,000 average daily balance)

• Free withdrawals at 55,000+ Allpoint ATMs

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Business Plus Checking

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• $25 monthly fee (waived with $25,000 average daily balance)

• Insured Cash Sweep options³

• FDIC insurance up to $10 million available

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Business Plus Analysis Checking

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• $100 monthly fee (can be offset by earnings credit)

• All the features of Business Plus

• Designed for businesses with higher transaction volumes

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Business CDs

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• 12-Month Business CD: 3.90% APY

• $2,500 minimum deposit

• Terms ranging from 3 months to 2 years

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Small Business Lending

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Live Oak Bank is consistently one of the top SBA lenders in the nation:

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• SBA 7(a) loans

• Commercial loans

• Industry-specific lending expertise

• Teams of experts across dozens of business sectors

Digital Banking Experience

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As an online-only bank, Live Oak Bank's digital experience is central to its operations:

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• User-friendly website with clear information

• Mobile app for account management (though reviews are mixed)

• Online account opening process

• Customer support available weekdays 8 am to 8 pm ET

Pros of Live Oak Bank

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• Exceptional Interest Rates: Among the highest available for both personal and business accounts

• No Hidden Fees on Savings: No monthly maintenance fees on personal or business savings

• No Minimum Balance to Open an Account: Earn top rates regardless of deposit size

• Business Banking Expertise: Specialized knowledge across multiple industries

• SBA Lending Leader: Top SBA 7(a) lender by loan approval amount

• Extended FDIC Coverage³: Up to $10 million through Insured Cash Sweep for business accounts

• Limited-Time Bonus: $200 bonus opportunity for new personal savings accounts

Cons of Live Oak Bank

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• No Physical Branches: All banking is conducted online

• No Personal Checking: Only business checking accounts are available

• Limited Weekend Support: Customer service only available on weekdays

• Mobile App Limitations: Some users report issues with mobile check deposits

• CD Minimum: $2,500 minimum deposit required for CDs

• New Account Hold Times: Longer holds on deposits for new accounts (first 30 days)

Who Should Bank with Live Oak?

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Live Oak Bank is ideal for:

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• Savers Seeking High Yields: Anyone looking to maximize interest on savings

• Small Business Owners: Entrepreneurs wanting specialized banking services and high-yield options

• CD Investors: Those looking for competitive rates on certificates of deposit

• Digital Banking Fans: Customers comfortable with online-only banking

• Businesses with Large Cash Reserves: Companies that can benefit from extended FDIC coverage

• Bonus Seekers: New customers with $20,000+ to deposit can earn an extra $200 through November 2025

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However, if you need in-person banking services, want a personal checking account, or require weekend customer support, you may want to explore additional options.

The Verdict

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Live Oak Bank delivers exceptional value through its high-yield savings products and comprehensive business banking services. While it lacks some traditional banking features like personal checking accounts and physical branches, its industry-leading interest rates and minimal fee savings accounts make it a standout option for both individual savers and small businesses.

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For those primarily focused on growing their savings with minimal fees and maximum returns, Live Oak Bank deserves serious consideration. Its combination of high rates, zero monthly maintenance fees, and robust business offerings creates a compelling banking solution in today's digital financial landscape. The current $200 bonus offer makes it an even more attractive time to open a new personal savings account.

1. Opening of a new account will be subject to approval by Live Oak Banking Company in its sole discretion. Beginning on the date in October or November 2025 that the new account attains a balance of at least $20,000, if the balance remains equal to or exceeding $20,000 for 60 consecutive days, then the account will be eligible for the bonus if all other conditions are met. If all eligibility criteria are met, the $200 cash bonus will be deposited to your open, eligible account within 45 days following the expiration of the 60-day period.
2. Live Oak Bank is a member of the Federal Deposit Insurance Corporation (FDIC). As a Live Oak Bank customer, your Live Oak Bank deposits are insured by the FDIC up to $250,000 per depositor, for each account ownership category.
3. Live Oak requires a minimum balance of $350,000 to enroll in our Insured Cash Sweep program. Deposit placement through CDARS or ICS is subject to the terms, conditions, and disclosures in applicable agreements. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one destination bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA (e.g., before settlement for deposits or after settlement for withdrawals) or be uninsured (if the placing institution is not an insured bank). Additionally, all deposits at a destination bank in the same ownership category will be aggregated for the SMDIA. The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through CDARS or ICS satisfies any restrictions on its deposits. A list identifying IntraFi network banks appears at www.intrafi.com/network-banks. The depositor may exclude banks from eligibility to receive its funds. Certain conditions must be satisfied for “pass-through” FDIC deposit insurance coverage to apply. IntraFi Cash Service and the IntraFi hexagon are service marks, and IntraFi, ICS, and CDARS are registered service marks of IntraFi Network LLC.
4. National savings average rate courtesy of the , as of 9/15/2025; average rate used is for deposits under $2,500.